Prada in talks to buy Versace

Italy’s Prada is in talks to buy Versace from the US investor Capri Holdings for a price that could reach nearly 1.5 billion euros.

An agreement between Milan-based Prada and the New York-listed Capri could reportedly be finalized by the end of March.

The deal would enable Prada to create an Italian group that would be better able to compete with the sector’s top players led by France’s LVMH, the owner of luxury brands including Louis Vuitton and Kering, which owns fashion houses including Yves Saint Laurent, Gucci, Balenciaga, Bottega Veneta.

It would also bring Versace back under an Italian owner.

Moreover, a potential agreement would represent a turning point after Italian luxury brands have ended up for years in foreign hands.

Prada was founded in 1913 in Milan by Mario Prada.

His granddaughter Miuccia Prada, who inherited the company in the late 1970s, has transformed her family’s leather goods house into one of fashion’s ready-to-wear powerhouses.

She also founded Miu Miu, which is a subsidiary of Prada.

Capri was formerly called Michael Kors but was renamed after taking over Jimmy Choo in 2017 and Versace in 2018.

Read more via The Financial Times